The Ministry of Finance and the Kuwait Fund signed a loan agreement for a project to upgrade the irrigation system in the northern province of Nam Dinh on March 3 in Hanoi.

The project has a total investment capital of about 19 million USD, with 13.6 million USD in loans. It will focus on upgrading irrigation infrastructure of two major channels in the coastal district of Hai Hau.

Addressing the signing ceremony, Deputy Finance Minister Truong Chi Trung said the Kuwait Fund has provided Vietnam with 147.9 million USD to date in loans for 12 projects.

These loans, used for infrastructure building projects in rural provinces, have contributed to the localities’ economic development and poverty reduction objectives, he added.

Many projects have yielded effective results, such as the Dau Tieng and Van Dinh irrigation systems and the Dac Ta-Ngoc Linh road.-VNA